IRS Releases Second Round of Proposed Regulations on Qualified Opportunity Funds: New Proposed Regulations Resolve Many Issues Left Open by Initial Proposed Regulations

Sullivan & Cromwell LLP - April 24, 2019
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On April 17, the Internal Revenue Service and the Treasury Department released the second set of proposed regulations to provide guidance on investing in qualified opportunity zones through qualified opportunity funds under the tax incentive program created by the Tax Cuts and Jobs Act of 2017.  The second round of proposed regulations would clarify a number of issues left open by the statutory text and unaddressed in the first round of proposed regulations released in October 2018.